12 Financial investments and Investment property.

12 Financial investments and Investment property.

The Group holds financial investments and investment property to back insurance contracts on behalf of policyholders and as Group capital.

The Group classifies its financial investments on initial recognition as held for trading (HFT), designated at fair value through profit or loss (FVTPL), available-for-sale (AFS) or loans and receivables. Initial recognition of financial investments is on the trade date.

The Group’s policy is to measure investments at FVTPL except for certain overseas assets where the related liability is valued on a passive basis (not using current information), in which case investments are classified as AFS. All derivatives other than those designated as hedges are classified as HFT.

Certain financial investments held by the Group are designated as FVTPL as their performance is evaluated on a total return basis, consistent with asset performance reporting to the Group Investment and Market Risk Committee and the Group’s investment strategy. Assets designated as FVTPL include debt securities and equity instruments which would otherwise have been classified as AFS under IAS 39, ‘Financial instruments: recognition and measurement’. Assets backing participating and non-participating policyholder liabilities outside the US are designated as FVTPL. For participating contracts the assets are managed on a fair value basis to maximise the total return to policyholders over the contract life. The Group’s non-participating investment contract liabilities outside of the US are measured on the basis of current information and are designated as FVTPL to avoid an accounting mismatch in the income statement.

The fair values of quoted financial investments are based on bid prices, which management believe to be representative of fair value. If the market for a financial investment is not active, the Group establishes fair value by using valuation techniques such as recent arm’s length transactions, consensus market pricing, reference to similar listed investments, discounted cash flow models or option pricing models.

Private equity investments are valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines, which represent current best practice, developed by the Association Français des Investisseurs en Capital, the British Venture Capital Association and the European Private Equity and Venture Capital Association. The techniques used for determining fair value include earnings multiples, the price of a recent investment or a net asset basis.

Financial investments classified as HFT and FVTPL are measured at fair value with gains and losses reflected in the income statement. Transaction costs are expensed as incurred.

Financial investments classified as AFS are measured at fair value with unrealised gains and losses recognised in a separate reserve within equity. Realised gains and losses, impairment losses, dividends, interest and foreign exchange movements on non-equity instruments are reflected in the income statement. Directly attributable transaction costs are included in the initial measurement of the investment.

Loans and receivables are initially measured at fair value plus acquisition costs, and subsequently measured at amortised cost using the effective interest method.

Investment property comprises land and buildings which are held for long term rental yields and capital growth. It is carried at fair value with changes in fair value recognised in the income statement within investment return.

Investment property in the UK is valued bi-annually by external chartered surveyors at open market values in accordance with the ‘Appraisal and Valuation Manual’ of The Royal Institution of Chartered Surveyors or using internal valuations and estimates during the intervening period. Outside the UK, valuations are produced in conjunction with external qualified professional valuers in the countries concerned. In the event of a material change in market conditions between the valuation date and balance sheet date, an internal valuation is performed and adjustments made to reflect any material changes in fair value.

The Group provides seed capital to newly established funds which may result in such funds becoming newly acquired subsidiaries of the Group. Where the Group is actively seeking to reduce its investment in a subsidiary and it is considered highly probable that the Group will relinquish control of the subsidiary within 12 months of classification, the subsidiary is classified as held for sale.

On 1 January 2013 the Group adopted IFRS 13 ‘Fair Value Measurement’. This Standard defines fair value, sets out in a single IFRS a framework for measuring fair value, and requires disclosure about fair value measurements. The main impact on the Group for the full year lies in the expansion of the fair value disclosure requirements.

Future developments

IFRS 9, ‘Financial Instruments’ issued in November 2009 (now effective for annual periods commencing no earlier than 1 January 2018) is the first part of a new standard on classification and measurement of financial assets that will replace IAS 39. IFRS 9 has two measurement categories: amortised cost and fair value. All equity instruments are measured at fair value. A debt instrument is at amortised cost only if the entity is holding it to collect contractual cash flows and the cash flows represent principal and interest, otherwise it must be measured at fair value through profit or loss. The Standard retains most of the IAS 39 requirements for liabilities, including amortised cost accounting for most financial liabilities, with bifurcation of embedded derivatives. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. The Group does not intend to early adopt this Standard.

(i) Financial investments and Investment property at fair value

(XLS:) Financial investments and Investment property at fair value 2013

 

Note

Share-
holder
2013
£m

Non profit non-unit linked
2013
£m

With-
profits
2013
£m

Unit linked
2013
£m

Total
2013
£m

Financial investments at fair value designated as:

 

 

 

 

 

 

Fair value through profit or loss

 

5,358

29,734

15,049

274,824

324,965

Available-for-sale

 

1,754

7

1,761

Held for trading

 

207

2,100

48

2,391

4,746

Financial investments at fair value

 

7,319

31,834

15,097

277,222

331,472

Loans and receivables

(iii)

79

30

221

330

Total financial investments

 

7,398

31,834

15,127

277,443

331,802

Investment property

 

147

1,294

940

3,679

6,060

Total financial investments and investment property

 

7,545

33,128

16,067

281,122

337,862

 

 

 

 

 

 

 

Expected to be received within 12 months

 

 

 

 

 

45,023

Expected to be received after 12 months

 

 

 

 

 

292,839

(XLS:) Financial investments and Investment property at fair value 2012

 

Note

Share-
holder
2012
£m

Non profit non-unit linked
2012
£m

With-
profits
2012
£m

Unit linked
2012
£m

Total
2012
£m

Financial investments at fair value designated as:

 

 

 

 

 

 

Fair value through profit or loss

 

4,980

29,091

15,889

258,032

307,992

Available-for-sale

 

1,954

5

1,959

Held for trading

 

160

2,913

46

3,296

6,415

Financial investments at fair value

 

7,094

32,004

15,935

261,333

316,366

Loans and receivables

(iii)

54

22

306

382

Total financial investments

 

7,148

32,004

15,957

261,639

316,748

Investment property

 

117

656

1,179

3,191

5,143

Total financial investments and investment property

 

7,265

32,660

17,136

264,830

321,891

 

 

 

 

 

 

 

Expected to be received within 12 months

 

 

 

 

 

43,791

Expected to be received after 12 months

 

 

 

 

 

278,100

Investment risks on unit linked assets are borne by the policyholders. The remaining risks associated with financial investments are outlined in Note 8.

Financial investments include £313m (2012: £746m) of debt securities pledged as collateral against derivative liabilities. The assets used as collateral are Treasury Gilts, Foreign Government Bonds, AAA Supranational Bonds and AA Corporate Bonds (2012: Treasury Gilts, Foreign Government Bonds, AAA Supranational Bonds and AAA Corporate Bonds) having a residual maturity of over 42 years (2012: over 43 years). The Group is entitled to receive all of the cash flows from the asset during the period when it is pledged as collateral. Further, there is no obligation to pay or transfer these cash flows to another entity. The Group can decide to substitute an asset which is designated as collateral at any time, provided the relevant terms and conditions of the International Swap Dealers Association agreement are met.

Financial investments have been allocated between those expected to be settled within 12 months and after 12 months in line with the expected settlement of the backed liabilities. Assets in excess of the insurance and investment contract liabilities have been classified as expected to be settled after 12 months.

Held for sale assets

The Group provides seed capital to newly established funds which may result in such funds becoming newly acquired subsidiaries of the Group. Where the Group is actively seeking to reduce its investment in a subsidiary and it is considered highly probable that the Group will relinquish control of the subsidiary within 12 months of classification, the subsidiary is classified as held for sale.

Two funds were seeded in this manner during 2012, meeting the above classification, with their assets and liabilities being classified as held for sale. There were no such transactions during 2013.

Non-consolidated private equity investments are included within equity securities. A loss of £10m (2012: loss of £2m) has been recognised in the consolidated income statement in respect of the movement in fair value of these investments.

Property investments which are held via partnerships or unit trust vehicles are also included within equity securities. A profit of £nil (2012: profit of £nil) has been recognised in the income statement in respect of the movement in fair value of these investments.

Included within unit linked equity securities are £306m (2012: £244m) of debt instruments which incorporate an embedded derivative linked to the value of the Group’s share price.

(XLS:) Financial investments at fair value 2013

 

Note

Share-
holder
2013
£m

Non profit non-unit linked
2013
£m

With-
profits
2013
£m

Unit linked
2013
£m

Total
2013
£m

Equity securities

 

1,433

83

4,540

166,628

172,684

Debt securities1

 

5,624

29,251

10,357

107,177

152,409

Accrued interest

 

55

400

152

1,026

1,633

Derivative assets

13

207

2,100

48

2,391

4,746

Total investments at fair value

 

7,319

31,834

15,097

277,222

331,472

(XLS:) Financial investments at fair value 2012

 

Note

Share-
holder
2012
£m

Non profit non-unit linked
2012
£m

With-
profits
2012
£m

Unit linked
2012
£m

Total
2012
£m

1.

Non profit non-unit linked debt securities includes £568m (2012: £327m) of commercial loans designated as fair value through profit and loss.

Equity securities

 

1,235

4,159

150,332

155,726

Debt securities1

 

5,608

28,712

11,557

106,649

152,526

Accrued interest

 

61

379

173

1,056

1,669

Derivative assets

13

190

2,913

46

3,296

6,445

Total investments at fair value

 

7,094

32,004

15,935

261,333

316,366

(ii) CDOs

The Group holds collateralised debt obligations (CDOs) with a market value of £1,098m at 31 December 2013 (2012: £1,097m).

These holdings include £983m (2012: £948m) relating to four CDOs that were constructed in 2007 and 2008 in accordance with terms specified by Legal & General as part of a strategic review of the assets backing the annuity portfolio. These CDOs mature in 2017 and 2018. The Group selected at outset and manages the reference portfolios underlying the CDOs to give exposure to globally diversified portfolios of investment grade corporate bonds. The Group is able to substitute the constituents of the original reference portfolios with new reference assets, allowing the management of the underlying credit risk and there have been no substitutions in 2012 or 2013. A breakdown of the underlying CDO reference portfolio by sector is provided below:

(XLS:) Financial investments – CDOs

Sector

2013
%

2012
%

Banks

14

14

Utilities

10

10

Consumer Services & Goods

25

25

Financial Services

6

6

Technology & Telecoms

9

9

Insurance

6

6

Industrials

20

20

Oil & Gas

6

6

Health Care

4

4

 

100

100

The CDOs are termed as super senior since default losses on the reference portfolio have to exceed 27.5%, on average across the four CDOs, before the CDOs incur any default losses. Assuming an average recovery rate of 30%, then over 39% of the reference names would have to default before the CDOs incur any default losses.

Beyond 27.5% of default losses on the reference portfolio, losses to the CDO would occur at a rate that is a multiple of the loss rate on the reference portfolio. For illustration a £200m loss could be incurred if default losses to the reference portfolios exceeded 30.4% or if 43.5% of the names in the reference portfolio defaulted, with an average 30% recovery rate. (All figures are averages across the four CDOs).

The underlying reference portfolio has had no reference entity defaults in 2012 or 2013.

Losses are limited under the terms of the CDOs to assets and collateral invested.

These CDOs also incorporate features under which, in certain circumstances, the Group can choose either to post additional cash collateral or to allow wind up of the structures. These features are dependent on the portfolios’ weighted average spreads, default experience to date and time to maturity. No additional collateral was posted to any of the CDOs during 2013 (2012: £nil). During 2013, the Group received £nil (2012: £nil) of previously posted collateral. The amount of the cash equivalent collateral attached to CDOs during the year is outlined in Note 14.

These CDOs are valued using an external valuation based on observable market inputs, which include CDX and iTraxx index tranches and CDS spreads on underlying reference entities. This is then validated against the internal valuation.

The remaining balance of CDO holdings is £115m (2012: £149m). A decrease is due to a disposal of an equity tranche of a bespoke CDO.

(iii) Loans and receivables

(XLS:) Financial investments – Loans and receivables 2013

 

Share-
holder
2013
£m

Non profit non-unit linked
2013
£m

With-
profits
2013
£m

Unit linked
2013
£m

Total
2013
£m

Deposits with credit institutions

9

221

230

Policy loans

40

29

69

Other loans

30

1

31

Total loans and receivables

79

30

221

330

(XLS:) Financial investments – Loans and receivables 2012

 

Share-
holder
2012
£m

Non profit non-unit linked
2012
£m

With-
profits
2012
£m

Unit linked
2012
£m

Total
2012
£m

Deposits with credit institutions

4

306

310

Policy loans

43

21

64

Other loans

7

1

8

Total loans and receivables

54

22

306

382

There are no material differences between the carrying values reflected above and the fair values of these loans. Were these loans to be held at fair value they would fall within level 2 of the fair value hierarchy.

(iv) Fair value hierarchy

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair value measurements are based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflects the Group’s view of market assumptions in the absence of observable market information. The Group utilises techniques that maximise the use of observable inputs and minimise the use of unobservable inputs.

The levels of fair value measurement bases are defined as follows:
Level 1: fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: fair values measured using valuation techniques for all inputs significant to the measurement other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: fair values measured using valuation techniques for any input for the asset or liability significant to the measurement that is not based on observable market data (unobservable inputs).

All of the Group’s level 2 assets have been valued using standard market pricing sources, such as iBoxx, IDC and Bloomberg, which use mathematical modelling and multiple source validation in order to determine “consensus” prices, except for bespoke CDO and swaps holdings (see below). In normal market conditions, we would consider these market prices to be observable market prices. Following consultation with our pricing providers and a number of their contributing brokers, we have considered that these prices are not from a suitably active market and have classified them as level 2.

These CDOs are valued using an external valuation based on observable market inputs, which include CDX and iTRaxx index tranches and CDS spreads on underlying reference entities. This is then validated against the internal valuation. Accordingly, these assets have also been classified in level 2.

There have been no significant transfers between level 1 and level 2 in 2013 (2012: £nil).

The following table presents the Group’s assets by IFRS 13 hierarchy levels:

(XLS:) Financial investments – Assets by IFRS 13 hierarchy levels 2013

For the year ended 31 December 2013

Total
£m

Level 1
£m

Level 2
£m

Level 3
£m

Amortised cost
£m

Shareholder

 

 

 

 

 

Equity securities

1,433

1,253

28

152

Debt securities

5,624

2,071

3,493

60

Accrued interest

55

26

29

Derivative assets

207

62

145

Loans and receivables

79

79

Investment property

147

147

Non profit non-unit linked

 

 

 

 

 

Equity securities

83

72

11

Debt securities

29,251

4,371

24,331

549

Accrued interest

400

38

358

4

Derivative assets

2,100

171

1,929

Loans and receivables

Investment property

1,294

1,294

With-profits

 

 

 

 

 

Equity securities

4,540

3,956

19

565

Debt securities

10,357

4,155

6,184

18

Accrued interest

152

53

99

Derivative assets

48

43

5

Loans and receivables

30

30

Investment property

940

940

Unit linked

 

 

 

 

 

Equity securities

166,628

163,615

2,688

325

Debt securities

107,177

61,067

46,108

2

Accrued interest

1,026

313

713

Derivative assets

2,391

625

1,766

Loans and receivables

221

221

Investment property

3,679

3,679

Total financial investments and investment property

337,862

241,891

87,895

7,746

330

(XLS:) Financial investments – Assets by IFRS 13 hierarchy levels 2012

For the year ended 31 December 2012

Total
£m

Level 1
£m

Level 2
£m

Level 3
£m

Amortised cost
£m

Shareholder

 

 

 

 

 

Equity securities

1,235

972

162

101

Debt securities

5,608

2,623

2,984

1

Accrued interest

61

38

23

Derivative assets

190

44

146

Loans and receivables

54

54

Investment property

117

117

Non profit non-unit linked

 

 

 

 

 

Debt securities

28,712

3,973

24,648

91

Accrued interest

379

29

349

1

Derivative assets

2,913

111

2,802

Loans and receivables

Investment property

656

656

With-profits

 

 

 

 

 

Equity securities

4,159

3,551

9

599

Debt securities

11,557

4,733

6,819

5

Accrued interest

173

76

97

Derivative assets

46

14

32

Loans and receivables

22

22

Investment property

1,179

1,179

Unit linked

 

 

 

 

 

Equity securities

150,332

148,244

1,823

265

Debt securities

106,649

66,571

40,077

1

Accrued interest

1,056

325

731

Derivative assets

3,296

445

2,851

Loans and receivables

306

306

Investment property

3,191

3,191

Total financial investments and investment property

321,891

231,749

83,553

6,207

382

(a) Assets measured at fair value based on level 3

Level 3 assets where internal models are used to represent a small proportion of assets to which shareholders are exposed, comprise both property and unquoted equities, the latter including investments in private equity, property vehicles and suspended securities.

In many situations, inputs used to measure the fair value of an asset or liability may fall into different levels of the fair value hierarchy. In these situations, the Group determines the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. As a result, both observable and unobservable inputs may be used in the determination of fair values that the Group has classified within level 3.

The Group determines the fair values of certain financial assets and liabilities based on quoted market prices, where available. The Group also determines fair value based on estimated future cash flows discounted at the appropriate current market rate. As appropriate, fair values reflect adjustments for counterparty credit quality, the Group’s credit standing, liquidity and risk margins on unobservable inputs.

Where quoted market prices are not available, fair value estimates are made at a point in time, based on relevant market data, as well as the best information about the individual financial instrument. Illiquid market conditions have resulted in inactive markets for certain of the Group’s financial instruments. As a result, there is generally no or limited observable market data for these assets and liabilities. Fair value estimates for financial instruments deemed to be in an illiquid market are based on judgments regarding current economic conditions, liquidity discounts, currency, credit and interest rate risks, loss experience and other factors. These fair values are estimates and involve considerable uncertainty and variability as a result of the inputs selected and may differ significantly from the values that would have been used had a ready market existed, and the differences could be material. As a result, such calculated fair value estimates may not be realisable in an immediate sale or settlement of the instrument. In addition, changes in the underlying assumptions used in the fair value measurement technique could significantly affect these fair value estimates.

Fair values are subject to a control framework designed to ensure that input variables and outputs are assessed independent of the risk taker. These inputs and outputs are reviewed and approved by a valuation committee.

(XLS:) Financial investments – Assets measured at fair value based on level 3

 

Equity securities
2013
£m

Other financial invest­ments1
2013
£m

Invest­ment property
2013
£m

Total
2013
£m

Equity securities
2012
£m

Other financial invest­ments1
2012
£m

Invest­ment property
2012
£m

Total
2012
£m

1.

Other financial investments comprise debt securities and accured interest.

2.

As a Group we hold regular discussion with our pricing providers to determine whether transfers between levels of the fair value hierarchy have occurred. The above transfers occurred as result of this process.

As at 1 January

965

99

5,143

6,207

1,138

46

4,894

6,078

Total gains or (losses) for the period recognised in profit:

 

 

 

 

 

 

 

 

– in other comprehensive income

(1)

(1)

– realised (losses) or gains

(74)

2

26

(46)

(59)

74

15

– unrealised gains or (losses)

86

(2)

209

293

9

(181)

(172)

Purchases/Additions

365

397

1,258

2,020

14

87

698

799

Improvements

23

23

14

14

Sales/Disposals

(323)

(4)

(599)

(926)

(137)

(6)

(356)

(499)

Issues

Transfers into level 32

34

143

177

2

1

3

Transfers out of level 32

(1)

(1)

(35)

(35)

Other

(2)

6

4

As at 31 December

1,053

633

6,060

7,746

965

99

5,143

6,207

(b) Effect on changes in significant unobservable inputs to reasonably possible alternative assumptions on level 3 assets

Fair values of financial instruments are, in certain circumstances, measured using valuation techniques that incorporate assumptions that are not evidenced by prices from observable current market transactions in the same instrument and are not based on observable market data. The following table shows the level 3 financial instruments carried at fair value as at the balance sheet date, the valuation basis, main assumptions used in the valuation of these instruments and reasonably possible increases or decreases in fair value based on reasonably possible alternative assumptions.

(XLS:) Financial investments – Level 3 financial instruments carried at fair value 2013

For the year ended 31 December 2013
Financial instruments and Investment property

Main assumptions

Reasonably possible alternative assumptions

Current fair value
£m

Increase in fair
value
£m

Decrease in fair
value
£m

1.

Private equity investments are valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines. Reasonably possible alternative valuations have been determined using alternative price earnings multiples.

2.

Unquoted investments in property vehicles and direct holdings in investment property are valued by independent valuers on the basis of open market value as defined in the appraisal and valuation manual of the Royal Institute of Chartered Surveyors. Valuation techniques may include discounted cash flow calculations using net current rent, and estimated rental and terminal values; they may also include yield methodology calculations using market rental values capitalised with a market capitalisation rate. Both of these are then further validated against actual market transactions to produce a final valuation.

Assets

 

 

 

 

Shareholder

 

 

 

 

– Private equity investment vehicles1

Price earnings multiple

24

1

(1)

– Unquoted investments in property vehicles2

Property yield; occupancy

137

9

(9)

– Untraded debt securities

Cash flows; expected defaults

51

3

(3)

– Investment property2

Property yield; occupancy

147

7

(7)

Non profit non-linked

 

 

 

 

– Untraded debt securities

Cash flows; expected defaults

162

1

(1)

– Asset backed securities

Cash flows; expected defaults

402

20

(20)

– Investment property2

Property yield; occupancy

1,294

65

(65)

With-profits

 

 

 

 

– Private equity investment vehicles1

Price earnings multiple

213

14

(14)

– Unquoted investments in property vehicles2

Property yield; occupancy

370

19

(19)

– Investment property2

Property yield; occupancy

940

47

(47)

Unit linked

 

 

 

 

– Unquoted investments in property vehicles2

Property yield; occupancy

304

15

(15)

– Suspended securities

Estimated recoverable amount

17

1

(1)

– Untraded debt securities

Cash flows; expected defaults

6

2

(2)

– Investment property2

Property yield; occupancy

3,679

184

(184)

Total

 

7,746

388

(388)

(XLS:) Financial investments – Level 3 financial instruments carried at fair value 2012

For the year ended 31 December 2012
Financial instruments and Investment property

Main assumptions

Reasonably possible alternative assumptions

Current fair value
£m

Increase in fair
value
£m

Decrease in fair
value
£m

1.

Private equity investments are valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines. Reasonably possible alternative valuations have been determined using alternative price earnings multiples.

2.

Unquoted investments in property vehicles and direct holdings in investment property are valued by independent valuers on the basis of open market value as defined in the appraisal and valuation manual of the Royal Institute of Chartered Surveyors. Valuation techniques may include discounted cash flow calculations using net current rent, and estimated rental and terminal values; they may also include yield methodology calculations using market rental values capitalised with a market capitalisation rate. Both of these are then further validated against actual market transactions to produce a final valuation.

Assets

 

 

 

 

Shareholder

 

 

 

 

– Private equity investment vehicles1

Price earnings multiple

14

1

(1)

– Unquoted investments in property vehicles2

Property yield; occupancy

87

4

(4)

– Untraded debt securities

Cash flows; expected defaults

1

– Investment property2

Property yield; occupancy

117

6

(6)

Non profit non-linked

 

 

 

 

– Unquoted investments in property vehicles2

Property yield; occupancy

92

5

(5)

– Investment property2

Property yield; occupancy

656

33

(33)

With-profits

 

 

 

 

– Private equity investment vehicles1

Price earnings multiple

220

20

(20)

– Unquoted investments in property vehicles2

Property yield; occupancy

384

19

(19)

– Investment property2

Property yield; occupancy

1,179

59

(59)

Unit linked

 

 

 

 

– Unquoted investments in property vehicles2

Property yield; occupancy

233

12

(12)

– Suspended securities

Estimated recoverable amount

13

2

(2)

– Untraded debt securities

Cash flows; expected defaults

20

7

(7)

– Investment property2

Property yield; occupancy

3,191

196

(196)

Total

 

6,207

364

(364)

(v) Net asset value attributable to unit holders

Amounts attributable to unit holders are repayable on demand and the Group is responsible for ensuring there is sufficient liquidity within the corresponding asset portfolio to enable the liability to be met as it falls due.

At 31 December 2013, level 1 net asset value attributable to unit holders is £8,375m (31 December 2012: £7,702m).

What do you think about this report?

Even though this feedback form is on every page, you only need to fill it out the once.